tv Cashin In FOX News May 4, 2013 1:30pm-2:01pm PDT
>> stay in this market and buy. >> neil: buy low and sell high. i'm here for you. i'm kidding >> eric: health care law train wreck, harry reid now agreeing obamacare may go off the way if we don't spend more implementing it but aren't we already paying more with those new taxes? mayday, unions demanding the immediate halt to deporting illegal immigrants. does big labor have the best interests of undocumented workers in mind or is this all about saving themselves? "cashin' in", looking out for your best interests right now. i'm eric boling, our "cashin'
in" crew, wayne rogers and tracy burns and jonathan hoenig and top economic advisor, a professor at the university of school of business, more austin goolsby. first, max balk us said the healthcare law could be headed for a train wreck. harry reid says he is right if we don't spend more money on that. >> he said unless we implemented properly it will be a train wreck and i agree with him. >> we're not spending enough money and not implementing properly? >> here is what we have now. we have the menu, but we don't have any way to get to the menu. >> eric: that menu is chalked full of taxes and fees to pay for it. with a gives? >> how does harry reid believe that spending more money, more taxes is going to have any beneficial effect?
obamacare is already a train wreck. you have insurance premiums going up. you have people getting hours cut at work. that is the result of central planning. central planning which obamacare always leads to the instruction of values. i tell for president to say this this is just a glitch. it's people's lives and money. that is why obamacare was doomed to start. >> eric: let me get austin in here. economic guru at university of chicago. what about it 3.8% surtax and 2.3% medical device tax, fax-fee is enough is enough? >> stop. that is just confusing. that entire rant that you said, hello. it's a mischaracter ziax of the bill. harry reid is saying they need to work on implementation. he is not talking about expanding or entitlement.
they are talking about basic stuff you have certain governors actively trying --. >> eric: let me stop you. what was wrong. 3.8% surtax on investment economy. >> on high income people. payroll taxes. what payroll tax are you referring to? the payroll tax going away had nothing to do with this. >> eric: i'm talking about the obamacare medical payroll tax, a new specific tax to obamacare. it's an individual mandate. austin, come on? >> here the thing. >> you just stated two things that were the same thing. what you are saying the increase on the cal gains rate is the other thing as you tried to portray as a second fax. there is no doubt there will be practical hickups like when they
passed medicare "d" which was free men that the bush money administration was giving out there was hickups and problems with that. if you look overall, congressional budget office isn't going to forecast this is going to an increase in the deficit by any means. >> eric: i have to jump in. this is five-person panel. do me a favor, hold on. >> you call it a logistical hiccup. you don't know what is going to happen. what about the cadillac tax and insurance premiums. none of this is making healthcare better. we already know this. it's not in full implementation. people that are trying to help with this thing are ones going to get hurt. i know nobody gives a damn about families making $250,000 or or more but less money in my pocket
to save more my kids' college. this hurts all of us. it doesn't make my care better. >> look. healthcare costs, as you now, were rising at double-digit rates for decades before this law was passed. in the last two years, they have risen at the slowest rates really on record. to say that healthcare costs are going up and then say --. >> eric: my problem. >> that is just wrong. >> eric: my problem is you guys sold it. i remember this term, if you remember this term, we will bend the cost curve down. you are not bending the cost curve down. >> that is the inflation rate. >> eric: hold on. i bring wayne in? >> you know, with all due respect, no one knows what the cost is. you got 2,300 pages that say 17,000 times that the rules and regulations are going to be written by the secretary of
health and human resources. it didn't say that congress knew it when they voted on it. nobody knew. you don't know now. there are 20,000 pages of this constituted in eblgs says of seven feet tall of red tape. you don't know. harry reid spoke the truth, this is train wreck, nobody knows the cost. you can't tell us today. >> $1.2 trillion has latest number that the cbo says it is going to cost us. >> the upside of the benefits that have been promised to us for years after year, those remain i will lose cive. we know the higher costs and taxes. and internal damage that is being done to the healthcare industry. austin, you said something quite right. healthcare costs have been rising a long time. they have been rising more government has gotten involved in healthcare. now, they are completely
involved with healthcare. i worry about doctors leaving the practice. what about when your insurance isn't even there or doctors aren't there to treat you at any cost. that is what happened what has happened where social i'd care which this has been tried. >> eric: the president has been backtracking a lot of promises you made when you sold this to the american public. is there more? what is left? >> i don't know what to tell you. you guys are worked up. you know i'm a fan. we're friends. i just cannot disagree more with these statements. >> eric: hold on. these are facts. >> the increase in health care costs is not due to the aging of the population is due to the rise of government. that is just strains the bounds of credulity. if you look at the costs of medical insurance, medicare is the lowest cost provision of
insurance that there is in the market. it's not the highest. that is completely backwards. private insurance companies are vastly more expensive for providing --. >> eric: one of new taxes i didn't mention is the new tax on healthcare insurers. guess who is going to pay that. >> it's so simple, talk to any doctor who has a private practice and ask them how they are feeling about this. they are dumfounded. they are confused and to the point many are thinking of shutting their doors. it's that simple. >> eric: wayne? >> with all due respect, we can sit here and debate. you don't know. i don't know. they don't know. no one knows what the cost is going to be. because you got too many places, jonathan was right in the first place. they have abdicated, congress has abdicated their responsibilities to the regulators. they are going to make up the rules.
they will tell you how much it will cost and after the fact. it's going to be bad because we know the federal government can't run anything. >> eric: we'll leave that there. that is not an insult to you because you are not in federal government anymore. stop the illegal immigrants now. they are looking for undocumented workers but someone says they are trying to help their own bottom line. who is right? [ male announcer ] this is kevin.
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. i've arthel nevil. fire crews in california getting help from mother nature. moisture cool weather helping to contain five active wildfires. one near los angeles score. an area about twice the size of manhattan. hundreds of people forced to evacuate. at least 400 themselves to now in danger but thankfully no
injuries reported. israel launching an air strike against syria. israeli officials confirming their air force targeted a shipment of advanced missiles believed to be bound for to hezbollah an ally of the assad regime. they call it game changing weapons but not chemical arms. i'm arthel nevil and getting back to "cashin' in" and eric boling is in the house. log on to foxnews.com. you are watching the most powerful name in news, the fox news channel. >> eric: unions rallying with immigrants demanding the halt of deportations of illegal aliens, lane leaders say they want to protect undocumented workers but tracy says they are trying to protect something else. >> i think, your bananas, come on. there was a time and place for unions in our history.
eric, today is not it unfortunately. really the way the unions are looking at this, we keep all these illegals, we get them in our cute little club and we can increase our membership. membership is tanking for unions. >> eric: undocumented union members and maybe undocumented proxy democrats? >> in my opinion we should stop all deportations unless somebody is jihadist or leper, they should have rights to stay here. human being and not measures, of course, i'm against any kind of deportation but unions again are looking out for their unions what i believe to be might means right. immigrants occupy, they will get in bed with anybody that pay their dues. >> historically, unions have not been the biggest proponents of immigration. i don't think they are natural
bedfellows they view immigrants as competition to domestic labor. i don't know enough about the details of this. i think that for us we ought to go out and get two million buses and find 15 million and deport them out of the country is both impractical, insane and would do great damage to the economy. >> eric: why else would the unions be demanding the halgt of deportation as illegal? >> look, i don't work for them. i'm not involved in this. i don't know what the exact story is. i know that undocumented workers don't vote. alleging it's because they are undocumented democrats is probably a jump. >> eric: i made that zrunl because everything we are hearing there is a path to citizenship at which point they become documented and become voters. my guess, history shows 75% will be democrats. what about it, wayne?
what is it n it for stop deport illegals? >> i think austan is right. there is no doubt about it. the reason they are doing it now the gang of eight is right. they have a good formula i think. that is the one that should be pursued. you have to be here ten years and you have to apply. you can't have a criminal record. all those things that a good correspond protections from this. i think that is the way to proceed. i'm not sure where jonathan is referring to when he says the unions, tracy is right. unions had a time and place. i'm a union man. i know that. i think they had a time and place. i appreciate that. it's not now and it is not in this. they don't have a horse in this race. >> eric: jonathan, you said they should be allowed to stay. if they start flooding the borders, they can stay? >> eric, i believe so. the government doesn't own the country. the government is privately owned. i agree with austan, rounding up
illegals and shipping them anywhere is horrific use of government. >> who is paying for these people? we are paying for them. >> in a free society for themselves. >> they are going in emergency room every time they get the sniffles and unemployment lines. >> eric: go ahead. >> on average, the undocumented workers that are working in the country illegally are paying into the system. >> eric: they are benefiting the economy. >> any employer they get a w-2. >> let them all stay. >> eric: i'm on tracy's team on this one. >> as i said before the gang of eight has a plan. if you are qualified you can get this. if you are here for ten years and you paid in and have done all this thing and there is a path for you to be legal citizen zplooshg this is making or
borders flooded. i got to get in on this. coming up, there is a new push for longer school days to make our kids smarter. someone says why not longer school years to make our economy stronger? does that deserve an "a" influences plus are big fat "f". [ female announcer ] a classic meatloaf recipe from stouffer's
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longer. why stop right there and make the school year longer, too. not just to help our kids but to help our economy. >> it's a good thing my kids are on back right now but there is something to say about a longer school year. they have little minds but we spend all of september recapping what they learn before. then we teach them for a couple months, by the time the summer comes, basically they do like they walked away with nothing. let's keep them going so you don't have to do a big review process. >> eric: jonathan, you say not the case? >> there is no correlation between the length of school year and student achievement. eric, u.s. students are in class more than those in south korea, in japan, in finland. they have much better scores. first constituency smoke are government run schools and unions that get to go at taxpayer expense. >> mr. goolsbee, better for kids
or not more school time? >> i think the data tends to show it is better. especially for the worst schools. you still -- it's not on its own going to solve problems. you have to get good teachers and chicago is more extreme than anywhere else, the u.s. tends to be an out lyre of one of the shorter years of all developed countries. chicago has had the shortest school year of all. in chicago, new york city has got six week longer school years than chicago has got. >> eric: wayne, charter schools tend to do better average public school. charter schools they go to class a lot longer than average public school? >> that is true. they are about to get unionized so we'll see whether that changes. i agree with jonathan on this. quality outweighs. finland as he mentioned had
shorter years, better educated, india has the same thing. study done by ohio state there is no difference at all. there is a lot of controversy on both sides. i think you have to come down to what i first said, quality outweighs quantity. >> and how government controlled greed more government controls. we talked about it. in essence a failing school system. what is going to be the remedy more failing school systems. charter schools, privatizing schools. you want to help the kids, that is what we should do. >> we spend so much money on other nonsensical programs to try to help our kids, maybe keeping them out of trouble is not such a bad idea for inner city schools that are struggling to get their scores up these days. >> eric: austan? >> we have a three-month summer vacation so people could go pick crops. what is the last time they did
that? >> eric: hire is good study for some university business schools guys. see if the additional hours justify the additional costs and they turn in their grades and maybe we can rehash it. augs tan, thank you very much. you are great sport for joining us this week. thank you very much. coming up, planning your summer getaway. brace yourself, your drink cart is going to cost you. plus a 50% annual bonus. and everyone but her... no. no! no. ...likes 50% more cash. but i don't give up easy... do you want 50% more cash? yes! yes?! ♪ [ male announcer ] the capital one cash rewards card gives you 1% cash back on every purchase, plus a 50% annual bonus on the cash you earn. it's the card for people who like more cash. ♪ what's in your wallet? why? and we've hit the why phase...
>> you pay 2 1/2 at starbucks. >> not on an airplane!.5 come on! >> entitlement society. o >> wayne, what's your call thisw week? >> my call this week is -- first of all, i'm a little suspiciousi of this. i have not sold either. but i'mt nervous. so i'm saying if you're going ta look at the long-term, look at google. >> wow. there is a big one. go ahead, john. >> you saw interest rates spike up>> dramatically on friday. that's still one of the big trends i see. bkl is a floating rate senior loan fund, one of the best asset classes now. not getting a lot of attention from most investors, but i think as a diversionification, income source, and legitimately strong stock, they're the place to be.b >> 15 grand in the dow touched this week. i guess continued more of that, huh? >> the trend is your friend. wayne is bearish, but bull markets are built on doubt and there is a lot of doubt. >> hold it, hold it. suspicious, not bearish.
>> right. thank you for joining us. see you nokes -- next week, everybody. c: >> hello, everybody. i'm eric polling. it's 5:00 o'clock in new york city. this is the fife. >> supreme court justice clarence thomas sat down for a very rare interview and it did not disappoint. one of the most powerful african-american conservatives in american history talking about the most powerful african-american liberal in american history, mr. president obama. first up, has he met the president? listen. >> in passing. he visited the court. i don't do a lot of washington, and i'm not into politics. i mean, there is not that many occasions. i shook hands